Input Tax Credit Frauds: Challenges in 2021
Consistent efforts are being taken to sanitize the taxation system. However, there are cases of tax evasion, ITC frauds, and tax leakages being reported frequently.
E-Invoicing Under GST: Applicability of E-Invoicing
Business to Consumer (B2C) supplies can also be reported by notified persons?
No. This will be brought under e-invoicing in the next phase.
E-Invoicing in GST: Basic Aspects and Notifications Issued Till Date
As per Rule 48(4) of the CGST Rules, 2017, notified class of registered persons (as notified by issuing notifications from time to time) have to prepare invoice by uploading specified particulars of invoice in Form GST INV-01 on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).
GST Update: GSTN is Organising Webinar on E-Invoicing under GST
The Government had earlier mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 500 Cr. from 1st Oct., 2020 and for taxpayers with aggregate turnover exceeding Rs. 100 Cr....
E-Invoice Mandatory for Registered Persons Having Aggregate Turnover of More Than Rs. 50 Crore
Vide Notification No. 05/2021- Central Tax Dated 08.03.2021, the CBIC has reduced turnover eligibility for E-invoice from Rs. 100 Crore to Rs. 50 Crore. The new provisions will be in force from 1st April, 2021.
GST E-Invoice Update: NIC Issues List of Businesses to which E-Invoice is Mandatory
This list consists of the details of the businesses for which e-invoice generation is made mandatory. The list shows about 70,000+ businesses for which e-Invoicing is made mandatory.
Applicability of e-Invoicing under GST on Reverse Charge Mechanism
Introduction e-Invoicing has implemented and is applicable to mostly B2B Invoices for large enterprises as of now. However, e-Invoicing & reporting of documents, is not limited to B2B invoices but...